Paan Tomar Singh director and Bachchan collaborator Tigmanshu is behind the production.
A source told DNA India: "While penning the dialogues of the 2001 Abhishek starrer, Tigmanshu discussed the idea of doing an adaptation of Shakespeare's Hamlet in Hindi and producer Goldie [Behl] loved the idea then.
"But somehow it didn't work out till now. Ten years later the trio has decided to come together and go ahead with the adaptation.
"And since Abhishek is so close to Goldie and his family, he will be the first choice. Most of Goldie's films feature Abhishek and keeping in mind the close bond they share, Abhishek will most likely portray the tragic hero's role."
Tigmanshu confirmed the news: "Goldie and I had planned to make Hamlet when he made his debut with Bas Itna Sa Khwaab Hai for which I wrote the dialogues. I guess every film has its destiny and we could not do it back then. But Hamlet has risen again and now we will translate the tragic hero's story on screen."
However, he did not say whether they were planning to cast Bachchan as the eponymous lead.
Bachchan has signed up to the Bhojpuri political drama by make-up artist-turned-director Deepak Sawant.
In March, the Dostana star said that he was terrified at the prospect of teaching an acting masterclass at the London Film Festival.